Gowling WLG helps Cleantech Building Materials plc to list on Nasdaq First North, Copenhagen

3 minute read
11 January 2017

Cleantech Building Materials plc ("CBM"), a UK-incorporated company, has listed on Nasdaq First North, Copenhagen, with assistance from Gowling WLG's Corporate team.

Gowling WLG originally set up the company as a 'cash shell' in early 2015, and assisted with the previous admission of CBM's shares to listing on the UK Listing Authority's Official List (standard listing segment) and to trading on the London Stock Exchange's main market for listed securities in February 2015.

Simultaneously with CBM's listing on Nasdaq First North, Copenhagen, Gowling WLG assisted with CBM's share for share exchange offer for Diamond Wood China Limited, a Hong Kong-incorporated company whose business involves the exclusive import and distribution of Accoya® Wood in the China and ASEAN markets. The offer valued Diamond Wood China Limited at over £15 million.

Gowling WLG's Corporate team was led by partner Jeffrey Elway, who was assisted by principal associate Samantha Myers.

Cleantech Building Materials plc's Chairman, Paul Richards, commented: "Gowling WLG guided us expertly through the admission process and we are grateful to Jeff Elway and his team for the advice and assistance they provided".

Jeff said: "This was a fairly unique Listing for us - not least because CBM is one of only four UK-incorporated companies (out of close to 500 companies) currently listed on Nasdaq First North. Nasdaq First North is Nasdaq's European growth market, operating parallel to the main market but with less regulated listing requirements and ongoing disclosure rules. In that sense, it is similar to the London Stock Exchange's 'AIM' market when it first started up.

"We were delighted to assist with the Listing, which was a key requirement for the Company's future business strategy, and look forward to working with CBM's management team going forward now as it seeks to implement its strategy of raising funds to construct an Accoya® Wood manufacturing factory in the People's Republic of China."

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